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Subsequent Events
6 Months Ended
Jun. 30, 2017
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

Acquisitions and divestitures.

On July 11, 2017 the Company closed on the acquisition of mineral acreage in Ward County, Texas. The closing purchase price for this acreage was $20.9 million. Proceeds from the Company's credit facility were used to fund this acquisition. The allocation of the purchase price has not yet been completed.

On July 14, 2017 the Company entered into an agreement to exchange $3.2 million in cash, 2.0 million shares of Abraxas Petroleum Common Stock, Abraxas’ Pecos County Ranch and 50% of Abraxas’ owned minerals under the ranch for mineral acres with Bone Spring and Wolfcamp rights and 130 Boepd of production in Ward, Reeves, Winkler and Pecos Counties, Texas. This transaction is expected to close in early August 2017.     

On July 14, 2017, the Company closed on the divestiture of a portion of its Powder River Basin assets for approximately $4.6 million. Proceeds from this sale were used to repay amounts outstanding under the Company's credit facility.